No. 03



Iran Reduces February Formula Prices

Irans NIOC has reduced the February price formulas for its Iranian Light and Iranian Heavy crudes by 10 cents/B and 15 cents/B respectively. Iranian Light has been set at Oman/Dubai minus 35 cents/B, while Iranian Heavy was put at Oman/Dubai minus 65 cents/B. The following table shows the adjustment factors for Iranian Light and Iranian Heavy in relation to the Oman/Dubai average during the second half of 1998 and first...